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- Shiba Inu has outranked the Nasdaq 100 as growth rebounds in Q1.
- The new push by the memecoin to cancel many zeros will b driven by the Shibarium protocol.
The performance of popular memecoin Shiba Inu (SHIB) this year has shown that digital currencies might be onto something bigger in 2023. According to public data records, Shiba Inu outperformed the top US tech stock benchmark, the NASDAQ 100 in the first quarter of the year, proving to be a more viable investment option at the time.
In the three months that ended on March 31 and even in the year-to-date period, Shiba Inu is up by more than 29% and is currently changing hands at $0.00001083 at the time of writing. On the other hand, Nasdaq 100 shot up by just 17% in the first three months of the year.
Notably, the digital currency ecosystem has a very deep correlation with the mainstream US stock market including the Nasdaq 100 and the S&P 500 Index. However, the higher volatility in the crypto market has pushed crypto assets to print a higher growth rate compared to their stock market counterparts.
The PuppyNet Advantage
The growth in the price of Shiba Inu got most of its serious boost from the launch of PuppyNet, the beta version of the Shibarium Layer-2 protocol. Shibarium has been tipped as a major game-changer for the Shiba Inu memecoin ecosystem that is projected to stir a significant impact in its price.
With the launch of PuppyNet, Shibarium now joins the ranks of other important Ethereum-based layer-2 outfits bringing out innovative solutions to some of the most pressing needs in today’s Web3.0 ecosystem.
Shibarium has been getting the embrace it deserves based on the hype surrounding its ecosystem and total transactions hit a new All-Time High (ATH) last week. By implication, the rise in the transaction count on Shibarium also helps fuel a steady SHIB token burn event with an underlying influence on the price of the memecoin.
Overall, the more developers embrace Shibarium, the more relevant the protocol will get in the L2 ecosystem which is growing generally more competitive. Besides the broader recognition that SHIB will get by virtue of the innovations connected to it, the protocol will have a strong utility that will continually make it more attractive compared to its biggest rival Dogecoin (DOGE).
With PuppyNet recording success thus far, the confirmation of the Shibarium mainnet will serve as a watershed moment for the protocol and its hoard of supporters.
Outlook on Shiba Inu Price
A major consideration thus far is how the current Shibarium protocol will help drive the price of SHIB, to the point that the entire event can push the price of the accompanying memecoin to $0.001 from its current level.
While the historical price action of SHIB has shown that nothing is impossible, the role of Shibarium is to ensure that the memecoin’s supply is gradually reduced to make its supply crushed in such a way that can drive its demand.
Though attaining the projected pricing is seen as possible, the timeline remains what is hard to project.
